Maravi

(DAILY MAIL) Asian firms eye LCM

Asian firms eye LCM
By ANGELA CHISHIMBA
PRESIDENT Banda has said Chinese and Indian investors have shown interest in taking over Luanshya Copper Mines (LCM).

He said investors from the two countries were interested in investing in the mining industry in Zambia.

“The Chinese and Indians are the ones with money left to invest in Zambian mines. They have shown interest in coming to invest in this industry,” he said.

The President was speaking to journalists at Lusaka International Airport, shortly before he left for Libya on a two-day State visit.

“It is true that they have indicated that they want to put the mine under care and maintenance,” he said.

Mr Banda said, however, that Government had engaged LCM in discussions to ensure that they found an amicable solution to the problems the mine was facing.

“We are having talks with them to ensure that the whole thing is not a mess. We don’t want to have the same problems we have had in the past,” he said.

Shareholders in LCM announced a complete pull-out of their stakes in the mine.
LCM is currently under care and maintenance.

The mine was owned by Enya Holdings BV which was jointly controlled by Bein Stein Group Resources of Israel and the International Mineral Resources with 85 per cent shares while 15 per cent shares were held by the government through Zambia Consolidated Copper Mines Investment Holdings.

Mr Banda is expected to hold bilateral talks with his Libyan counterpart Colonel Muammar Gadaffi.

The President was seen off by Vice-President George Kunda, Cabinet and deputy Ministers and other senior government and party officials.

Minister of Foreign Affairs, Kabinga Pande, and his Finance and National Planning counterpart, Situmbeko Musokotwane, and the President’s economic advisor, Richard Chembe, accompanied him.
Mr Banda is expected back today.

Labels: FDI, LCM

posted by MrK @ 6:44 PM